Trading cryptocurrencies and memes is a great risk to your money and the number of losers outnumbers the number of gainers. Investing Saudi Arabia is not responsible for this content and does not provide any advice to buy, sell or own any digital currency or financial asset.
A Reddit group launched a mysterious blockchain-based meme currency on Sunday that seeks to represent Reddit’s “dog.”
Today’s lucky meme trader gained more than 100x unrealized profits, having bought Reddit Dog (r/snoofi) for $2,800, now worth $320,000.
Meme analyst Kakashi (@kkashi-yt) on the X platform pointed to those earnings on Sunday, when the value of the mysterious trader’s property of 28,289,764.47 r/snoofi had reached $245,000.
This guy is now over $245,000 in profit on $snoofi which hasn’t sold any of it yet. pic.twitter.com/lpSY5fhdMi
— Kakashi (@kkashi_yt) August 18, 2024
Despite the attention his portfolio has received, this trader aims to hold his coins for the long term (HODL). According to blockchain data, the trader still holds all of his Reddit Dog holdings, which is currently worth $320,000.
This guy’s $2,800 on $Snoofi is now worth nearly $320,000 which hasn’t sold yet. pic.twitter.com/E1KS4q0va0
— Kakashi (@kkashi_yt) August 19, 2024
However, the details of Reddit Dog are still unclear, so investors who are curious about the coin should be cautious about it.
The Solana-based coin was launched on Sunday by a group on Reddit, claiming it was a meme inspired by Reddit’s dog, but a quick Google search (NASDAQ:GOOG) shows that there was no information about the Snoofi dog before the R/Snoofi coin.
A chart released by Reddit Doll’s largest trading pool on the Raydium platform indicates that the price of the coin fell by 25% overnight, but these losses may be due to profit-taking; while trading candlesticks form a slight cup and handle pattern with the trend line bent upwards as if the price would rise again.
As mentioned earlier, investors should be very cautious about this coin since there is not enough information about it, it could be a scheme to raise the price and abandon the currency or just a scam.
Trading cryptocurrencies and memes is a great risk to your money and the number of losers outnumbers the number of gainers. Investing Saudi Arabia is not responsible for this content and does not provide any advice to buy, sell or own any digital currency or financial asset
Read also:The reasons why Bitcoin failed to break through its top and record $80K!
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